Saturday, 19 January, 2019

China-US trade talks have laid foundation for a deal, ministry says

US,China,Trade China optimistic as trade negotiations with US kick off
Laurie Berry | 12 January, 2019, 10:31

The two sides "implemented the consensus" reached by President Xi Jinping and President Donald Trump in earlier talks, and discussed both trade and structural issues in the meetings, which took place January 7 to January 9.

"The hard work of addressing structural issues to create a level playing field in China do not appear to have been resolved", said Lester Ross, a policy committee chief at the American Chamber of Commerce and also partner-in-charge at the Beijing office of law firm WilmerHale.

Both parties agreed to continue to maintain close contact, the ministry said in a brief statement on its website.

The discussions "went just fine", he said without elaborating. -China talks aimed at ending a costly tariff battle wrapped up Wednesday in an optimistic atmosphere after President Trump said they were "going very well!".

Asked for his reaction on the American ship sailing through the Paracel islands which China claims Xisha islands, Chinese Foreign Ministry spokesman Lu Kang said Beijing has lodged strong protest to the USA on this.

On Monday, U.S. Commerce Secretary Wilbur Ross predicted that Beijing and Washington could reach a trade deal that "we can live with".

The American delegation was led by one of Lighthizer's deputies, Jeffrey D. Gerrish.

If the two sides are unable to reach a deal by March, President Trump has threatened to raise tariffs on $200 billion in Chinese goods to 25 percent and to possibly levy additional tariffs that would extend to all imports from China.

Negotiators from both the USA and China expressed optimism after mid-level talks wrapped in Beijing this week, boosting sentiment across global markets.

China optimistic as trade negotiations with US kick off

The trade talks between China and the United States this week have laid a foundation for resolving their disputes, the Ministry of Commerce said on Thursday.

Chinese officials have suggested that Beijing might alter its industrial plans but rejected pressure to abandon what they consider a path to prosperity and global influence.

That issue was the first stressed in the statement released Wednesday, which noted that "the officials also discussed the need for any agreement to provide for complete implementation subject to ongoing verification and effective enforcement".

WALL STREET: Stocks rose for the fourth consecutive session after American and Chinese negotiators extended their talks to a third day. The US announced tariffs on Dollars 250 billion worth of Chinese goods, while China countered with its own.

In addition to the large trade deficit, the USA has long complained about such structural issues. USA officials have repeatedly accused China of not fulfilling agreements, with Ross saying on Monday that "the real issue is what are the enforcement mechanisms, what are the punishments if people don't do what they were supposed to do?"

A reduction in Chinese imports of USA goods came quickly after the retaliatory imposition of tariffs, the data show.

Trump hiked tariffs on $250 billion of Chinese goods over complaints Beijing steals or pressures companies to hand over technology.

USA companies also want action on Chinese policies they complain improperly favor local companies.

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